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Affordable Housing Resources
A vital community requires quality affordable housing, and Mayor Ryan has prioritized enhancing Binghamton's affordable housing options through a variety of resources.
Read on for more information about these tools.
This program provides first-time buyers of one and two family structures with deferred loans to assist with closing costs and home repair.
CLOSING COSTS: deferred loans up to $5,000.
RENOVATIONS AT SINGLE-FAMILY HOMES: deferred loans up to $20,000.
RENOVATIONS AT TWO-FAMILY HOMES: deferred loans up to $40,000
If title to the property is sold/transferred within 5 years, OR the home is no longer the owner’s principal place of residency, 100% of both loans becomes due. After 5 years, the closing cost assistance loan is forgiven in full and the renovation loan amount is reduced to 40% of the original amount.
The HOME Rehabilitation Program provides deferred renovation loans to eligible owner-occupants of single-family and two-family structures. The maximum loan amount is $25,000 for a one-family structure and $40,000 for a two-family home. These amounts do not count addditional funds needed for the remediation of lead hazards.
Similar to the First-Time Homeowner Program, the actual amount to be repaid is based on a post-renovation period of owner-occupancy. If title to the property is sold/transferred within 5 years, 100% of the loan amount is due. After 5 years, the amount owed is reduced to 40% of the original loan amount.
To qualify for participation in each of the above programs, an applicant must meet HUD established income guidelines based upon the size of their household. Participants are also required to successfully complete City sponsored HUD certified home purchase/ownership counseling.
For each project, the scope of renovation work is prioritized as follows:
- Code, electric, plumbing violation and correction
- Lead hazard mitigation
- Energy efficiency activities
To learn more about the City's affordabe housing programs, please contact Housing Coordinator Steve Quinn at 772-7028 or srquinn@cityofbinghamton.com. The above information is availabe in our Affordable Housing Brochure, which you can download by clicking here.
For more information on affordable housing opportnities in the City of Binghamton, please see the Affordable Homes & Heating Guide published by HAMA (Helping Attain & Maintain Assets), an affordable housing resource group based in Binghamton.
Below are links to the Guide, and a printed version is available in the Department of Planning, Housing, & Community Development at City Hall.
In addition to the many parcels that the City has revitalized through our award-winning Restore NY Program, Neighborhood Stabilization Program, and Community Development Block Grant, additional properties remain available for constructive use.
You can see a full-listing of City-owned parcels by visiting the Online Assessments page and writing "City of Binghamton" in the field titled "Last Name." Those interested in purchasing such properties can submit an Offer to Purchase to the Office of the City Clerk.
All offers will be given to the Board of Estimate & Apportionment for consideration, and must be approved by City Council.
